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A Group Management Report and Management Report on Salzgitter AG V. Forecast 184 185 Besides potential acquisitions, the Tubes Division is concentrating on growth through expanding existing business segments, as well as raising productivity and quality. In this division, products made of new grades of material for more sophisticated application areas are expected to enable differentiation over providers of standard products. The Trading Division concentrates on regional and product-related expansions, supplemented by selected external growth options. Finally, in the Services Division, the focus will be on the productivity and competitiveness of the services offered and on the optimization of the customer service. The active development of the food and non-food segments, where potential has been exploited only to a small extent, feature among the strategic targets of the Technology Division. Above all the food sector has growth potential in the food processing industry, and in the non-food segment there are potential customers in the cleaning agents and body care product groups. An additional key development step was taken by adding blow molding machines for PET bottles to product portfolio. Forecast
3. Expected Earnings The corporate planning of Salzgitter AG is geared towards strategic goals and comprises its own set of entrepreneurial measures for action embedded in the general economic environment. It forms the basis for a realistic assessment of profit, but must, however, at the same time take adequate account of the long-term aspects relating to investments and the securing of a sound balance sheet and financial stability, also in more difficult market environments. Market expectations prevailing at the time when the plan was drawn up, as well as envisaged entrepreneurial measures resulting from a process involving the whole Group, which is concluded before the start of the financial year 2008, have been incorporated into this plan. The underlying structure of the Group which was, by definition, the status quo at the time may not necessarily accord with the structure of the Group at the end of the planning period. This is attributable to the fact that, for the most part, funds accruing from the sale of VLR and V&M have not yet been invested to promote internal and, in particular, external growth. Moreover, reference is made to the fact that, in contrast to the economic forecasts of economic research institutes which are regularly updated during a financial year, the planning round of the Group takes place only once before the start of a financial year. Planning is based on conclusions drawn in the fourth quarter of 2007, taking account of orders in the books of the individual companies for 2008. In the development of the individual companies and of the Group, described in the following, we take this planning as a basis and include new insights on the course of business in the current year. Projected shipment and selling price data used in the planning of the financial year 2008 result in higher consolidated group sales than in 2006. Of this increase, more than 50% are attributable to the full-year inclusion of the Klöckner Group in our new Technology Division. Despite the rising volumes of rolled steel, the projected sales volume of the Steel Division remains at the previous year’s level owing to the minor declines in selling prices assumed during the planning process. The sales of the Trading and Services Divisions are also incorporated into the consolidated planning virtually unchanged from the year before. The sales growth of the Tubes Division is, alongside the full-year consolidation of VPE, attributable to the rising volume of shipments primarily of large-diameter tubes. The higher sales generated by the Technology Division is, as already mentioned, owing to the full-year inclusion of the companies of the Klöckner Group. Although the targeted group profit for the year 2008 does not correspond to the record profit of the financial year 2007, almost all Group companies forecast very gratifying contributions which are, in part, considerably above the long-standing average. Consolidated profit is calculated as the sum total of the individual budgets of the subsidiaries, taking the holding and consolidation effects into account. Accordingly, we expect an ambitious figure in the upper triple-digit million euro range.
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Annual Report 2007 Financial Year f
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1) 2006 included in “Other region
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Highlights of the Financial Year 20
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Contents The Salzgitter Group 5 Key
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Preface by the Executive Board Ladi
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The financial year 2007 was another
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Report of the Supervisory Board The
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Alongside the extensive investment
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Corporate Governance Report Corpora
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In order to prepare its decisions,
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Transparency To ensure that shareho
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What does it feel like to steer 100
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A Group Management Report and Manag
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94.9% 94.9% 51.0% 94.8% A Group Man
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1) Including amounts provisioned fo
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1) The amounts presuppose that the
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“I wish I could also sleep in it.
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3. Management and Control of the Co
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Groupwide Investment Volume 1996/19
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The Group’s excellent performance
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Management and Control Instruments
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in € mil. FY 2007 FY 2006 EBT 1,3
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Can a sports facility lend wings to
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“For a whole year we really did e
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“We could only imagine making the
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Sources: XETRA closing prices, DBAG
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1) All data as per December 31 2) C
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“At first I had no idea what it w
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R&D expenses by Division Steel 47%
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Continuous strip casting Together w
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Steel Division environmental expens
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Core workforce 1998 Steel 10,471 Tr
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Generation campaign A Group operati
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4. Earnings Steel Trading Tubes Ser
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5. The Divisions As the management
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Steel Division Shipments 0 1,000 2,
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1) Excluding intercompany deliverie
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SMHD Group made the major contribut
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Tubes Division The companies belong
Page 131 and 132: capacity utilization throughout the
Page 133 and 134: Services Division The companies bel
Page 135 and 136: 1) Sales in own segment and in othe
Page 137 and 138: Sales in the Technology Division in
Page 139 and 140: How does steel serve science? What
Page 141 and 142: “Our motto is ‘I discover.’
Page 143 and 144: “For a long-span roof constructio
Page 145 and 146: 6. Profitability Improvement Progra
Page 147 and 148: “They just loved the experiments.
Page 149 and 150: 7. Financial Position Financial Man
Page 151 and 152: 8. Net Assets The total assets of o
Page 153 and 154: 1) Including intangible assets 2) I
Page 155 and 156: Disclosures pursuant to Sections 28
Page 157 and 158: 10. General Statement on the Econom
Page 160 and 161: A Group Management Report and Manag
Page 166 and 167: 2. Individual Risks Environment and
Page 168 and 169: Financial Risks A Group Management
Page 174 and 175: GDP Germany: Forecast Range 2008/20
Page 178 and 179: Power Plant Capacity Trend GW 8,000
Page 186 and 187: 4. Anticipated Financial Position W
Page 188 and 189: 6. Overall Statement on the Perform
Page 190: Why is it worth listening to what a
Page 194 and 195: “We listen to the bridge - 24 hou
Page 196 and 197: B Consolidated Annual Financial Sta
Page 198 and 199: II. Consolidated Balance Sheet Asse
Page 200 and 201: IV. Cash Flow Statement (43) Cash F
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B Consolidated Annual Financial Sta
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The Services Division includes DEUM
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(46) Related Party Disclosures In a
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(49) Waiver of Disclosure and Prepa
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VI. Auditor’s Report This report
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I. List of Company Abbreviations SZ
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II. Glossary Business and Financial
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F Forfaiting Sale of export receiva
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Technical Terms A Annealing furnace
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Pilger rolling Conventional step-fo
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III. Financial Calendar of Salzgitt
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IV. Editorial Details and Contact C
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